Month: October 2018

Technology stocks and other related names are set to head lower Thursday, after getting clobbered in the worst day in over seven years on Wednesday. Shares of Netflix were down 2.7 in premarket trading, while Amazon and Nvidia both sunk more than 2 percent. Stocks of Twitter, Apple and Facebook also fell more than 1

The Pentagon didn’t mince words in March when introducing the Joint Enterprise Defense Initiative, or JEDI Cloud program: “This program is truly about increasing the lethality of our department and providing the best resources to our men and women in uniform,” the Defense Department’s chief management officer, John H. Gibson II, told industry leaders and

Sarah Friar, the CFO of Square, is leaving the company to take the CEO role at Nextdoor, the social networking company that focuses on neighborhoods. Square CEO Jack Dorsey shared the news Wednesday when he tweeted an internal memo that he sent to company employees. “I’m saddened by the news. I was unrealistically expecting to

Sears Holdings has contacted banks in recent days to arrange the financing necessary to file for bankruptcy after 125 years in business, people familiar with the situation tell CNBC. The so-called “debtor-in-possession” loan, which companies need to have enough liquidity to keep running the business during bankruptcy, is the clearest sign yet that the department

SoftBank is preparing to an invest a massive amount of its landmark Vision Fund on the success of one company, WeWork, in a deal that would essentially bet the farm on the New York-based real estate giant. The Vision Fund is a $100 billion vehicle but could invest as much as $20 billion into the

“Uhm,” said the female voice. “Can I book a table for tomorrow?” The question came not from a person, but software called Duplex developed by Google to make phone calls. Before the end of the year, some of the company’s users will be able to direct the bot to call restaurants and book tables on

Billionaire Virgin founder Richard Branson said Tuesday that tickets for his hyperloop transport system will cost no more than that of a high-speed rail fare. Virgin Hyperloop One, which Branson has been chairman of since December last year, is “very close” to deploying the technology in India, Branson told CNBC’s Nancy Hungerford in Singapore, and

Oxford University’s 2013 study on the future of employment predicted that security guards have an 84 percent chance of their jobs being automated over the next 20 years, ranked between “lathe and turning machine tool setters” and “tailors, dressmakers, and custom sewers” on the list of “computerizable” occupations. That possibility — and the evolution of

Within hours of California governor Jerry Brown signing a sweeping net neutrality bill into law, the US Department of Justice sued the state, sparking the latest battle in the long legal war over the ground rules for the internet. Groups representing broadband providers followed suit on Wednesday, with their own lawsuit arguing that California’s law

China’s stock markets tumbled on Monday, as investors were unnerved by the central bank’s decision to slash the amount of cash that the country’s lenders must hold as reserves, in a bid to help spur economic growth. The People’s Bank of China (PBOC) announced measures on Sunday to cut the reserve requirement ratio (RRR) —

Over the past year, Facebook has faced a reckoning over the way its plan to connect the next billion users to the internet has sown division, including spreading hate speech that incited ethnic violence in Myanmar and disseminating propaganda for a violent dictator in the Philippines. But even as the company admits that it was

Nearly a dozen retailers — including department store chains and shoe brands — have filed for bankruptcy protection so far this year, shuttering many of their stores — if not all of them. The pace is slower than last year, when more than 20 retailers including Toys R Us, Hhgregg, and Gymboree filed for bankruptcy

In her latest column for the New York Times, Recode’s editor at large Kara Swisher previewed the “internet bill of rights” — a set of new regulations for Silicon Valley that Democratic legislators may start pushing next year if they recapture Congress in November. The author of these proposals is Rep. Ro Khanna (D-CA), whose

When Amazon announced Tuesday that it was raising its minimum wage to $15 an hour for all employees, even vocal critics of its labor practices like Senator Bernie Sanders praised the company. The retail giant’s decision will undoubtedly put more money into the hands of its workers—especially the some 100,000 temporary US employees Amazon plans

For CNBC’s Jim Cramer, it’s often worth examining stocks that don’t get dragged down by broader market declines. On Friday, one such stock was Eli Lilly, which surged 1.8 percent to $115.02 a share. “In fact, Lilly has now been running for nine straight sessions. It’s the best-acting stock in the entire S&P 500,” the

Doubts have swirled in the world of high finance over the last few months about the ambitions of one of the biggest big-money players in Silicon Valley: The Saudi Arabian government. Those should quiet down a little bit after today. The man behind the Saudi government’s tech ambitions, Mohammed bin Salman, disclosed in an interview

On the latest episode of Pivot with Kara Swisher and Scott Galloway, Kara and Scott talked about some of the biggest stories of the week, including Facebook’s massive security breach and the upshot of the prolonged Kavanaugh hearings. But they had the most to say about Tesla CEO Elon Musk, who is stepping down as

In a broad-based sell-off of this magnitude, investors have to be prepared to wait and see how low stocks can actually go, CNBC’s Jim Cramer said on Thursday. “At moments like this, you need some touchstones to figure out when the pain is likely to end,” the “Mad Money” host said. “This is not the

Server firm Supermicro’s stock price fell by half today, following an explosive Bloomberg Businessweek article. It has since rebounded a bit, but is still down 44 percent on the day. The article, reported by Jordan Robertson and Michael Riley, alleges that a Chinese military unit inserted tiny spy microchips at subcontracted Chinese factories that supplied

When you are two years old, your mother knows more about you than you know yourself. As you get older, you begin to understand things about your mind that even she doesn’t know. But then, says Yuval Noah Harari, another competitor joins the race: “You have this corporation or government running after you, and they

German app-only bank N26 has launched in the U.K. and is eyeing another expansion to the U.S. in the first quarter of 2019. The Berlin-based firm, which is backed by Chinese tech giant Tencent, German insurer Allianz and PayPal co-founder Peter Thiel, said on Thursday that its services are now available in Britain, on a

President Donald Trump has long sold himself as a self-made millionaire, but a New York Times investigation found that he received at least $413 million in today’s money from his father’s real estate empire; much of this money came to Trump through dubious tax schemes he participated in during the 1990s, including instances of outright

In 2001, a 25-year-old unemployed college dropout named Bram Cohen crafted an elegant protocol for moving data around the internet. Titanic numbers of pirated songs and movies, and countless lawsuits, later, he’s putting the finishing touches on what he hopes will be another world-changing protocol—this time for moving around money. Cohen’s earlier invention was BitTorrent,

Investors are wasting their time if they’re worried about the demise of off-price retailers like TJX Companies, Ross Stores and Burlington Stores, CNBC’s Jim Cramer said Tuesday. The “Mad Money” host’s argument came on the heels of UBS’ research arm initiating coverage on a number of retail stocks. The lead analyst, Jay Sole, argued that

After months of increased public criticism about its grueling labor practices, Amazon announced Tuesday that it would begin paying all US employees, including part-time, seasonal, and temporary workers, at least $15 an hour and all UK employees at least £9.50 (with higher wages in London) beginning November 1. The move will affect 250,000 Amazon employees

Coinbase is finalizing a deal that would value the company at about $8 billion, a transaction that would make Coinbase one of the highest-valued startups in the U.S. and help further legitimize the entire cryptocurrency industry. The company is in talks with Tiger Global and its existing shareholders for an investment of up to $500

We may take the #hashtag for granted today, but it didn’t emerge fully formed from Biz Stone’s head. The Large Hadron Collider hasn’t collapsed (or collapsed the space-time continuum), but that wasn’t a given when scientists first turned the thing on. Nobody thought the sweaty geeks who sent their supposedly self-driving cars into concrete barriers

While the stock of Grand Canyon Education looks attractive here, it could reverse course depending on the outcome of the 2018 midterm elections, CNBC’s Jim Cramer warned on Monday. “The for-profit education industry tends to thrive under Republican presidents, as Democrats tend to view the whole business as something that’s predatory,” the “Mad Money” host

Another of Silicon Valley’s most successful investors at one of its marquee venture capital firms, Benchmark, is choosing not to sign up again as a partner. Matt Cohler, a board member at Uber who is seen as one of the most prescient and precocious investors in the sector, won’t be a part of Benchmark’s next

The latest hack on Facebook that allowed outside parties the ability to control about 50 million people’s accounts was “a sophisticated attack,” according to Facebook vice president of global marketing solutions Carolyn Everson. “This was an attack, an attack that would require people to understand three different bugs,” Everson said at an Advertising Week panel